...- On Oct. 1, 2024, we lowered to 'A' from 'A+' our long-term sovereign credit ratings on Israel. - Consequently, we lowered to 'A' from 'A+' our rating on the HSBC Bank PLC credit-linked notes because we weak-link our rating on the notes to the synthetically referenced obligation of the credit-linked notes. LONDON (S&P Global Ratings) Oct. 9, 2024--S&P Global Ratings today lowered to 'A' from 'A+' its credit rating on the HSBC Bank PLC credit-linked notes (CLN) linked to Israel as a synthetically referenced obligation. Today's downgrade follows our Oct. 1, 2024, rating action on Israel (see "Israel Long-Term Ratings Lowered To 'A' From 'A+' On Heightened Security Risk; Outlook Negative," published on Oct. 1, 2024). We weak-link our rating on the HSBC Bank PLC CLN to the lowest of: - Our long-term sovereign credit rating on Israel as the synthetically referenced obligation; and - Our long-term issuer credit rating on HSBC Bank PLC as the issuer of the CLN. Therefore, following our recent...
